Breaking through, little by little: Gary Johnson on CBS

(CBS News) The presidential nominee for the Libertarian Party, Gary Johnson, laughed at Mr. Obama's economic proposals before he offered a dire warning that the U.S. faces a monetary collapse.

In an interview with Hotsheet, the former Republican New Mexico governor harshly criticizedPresident Obama's statement he made on the on the economy where he called on Congress to pass additional aid for states and provide support for the construction industry.

"He talked about the U.S economy and the tools he has to allow the federal government to be flexible when it comes to states. Well, what he's talking about is printing money," said Johnson, who is a critic of federal monetary policy.

During his news conference Friday morning on the economy, the president warned against too much austerity too quickly, saying it could damage economic recovery. Johnson disagrees, saying that too much spending will lead to monetary collapse.

Johnson said the U.S. is "not immune from the mathematics of continuing to borrow and print money," adding that "we're only six years away from being in Greece's same statistical situation."